Classic Minerals Shares skyrocket on financing for Kat Gap, WA
- Classic Minerals (CLZ) secures $10 million to bring its Kat Gap gold project into production
- The company signed a binding terms sheet with Goldvalley Brownstone, who will fund up to $10 million for the extraction and processing of ore from the WA-based project
- Classic will take 70 per cent of net profits from the gold production, while Goldvalley will take the remaining 30 per cent
- Mining operations are expected to begin once Classic’s project management plan is approved and will continue through to mid-2024
- CLZ shares have skyrocketed 275 per cent to trade at 6 cents at 11:37 am AEST
